PUD (Planned Unit Development) - A housing development that usually consists of any combination of homes (one-family to four-family), condominiums, mixed-use (retail store and residential units in one building) and various other styles. In most PUDs, the individual housing or retail unit and the land upon which it sits are owned by the unit/homeowner; however, the homeowner's association owns common facilities.

Partial sales - The sale of an interest in real estate that is less than a 100% interest. Examples are partial sales are easement rights, parcel of land or retail pad, or a single structure of a multi-building investment.

Partial taking - The condemning of part of an owner's property under eminent domain laws.

Percentage rent or lease - A rent structure, commonly used for large retail stores, where rent payable under a lease is calculated as a percentage of a tenant's gross sales or gross revenues.

Plat - Map of a specific area, such as a subdivision, delineating the boundaries of the overall specific area and its individual lots along with the easements and streets.

Pre-cut Home - Typically a kit, log or dome-style house in which building materials are factory-cut to design specifications, transported to the site and assembled.

Preleased - Area in a planned building that is leased prior to the start of construction or the issuance of a certificate of occupancy.

Premium - The amount paid by a policyholder on a regular schedule that maintains insurance coverage.

Price to earnings ratio - A ratio calculated by dividing the current share price by the sum of the primary earnings per share from continuing operations, before extraordinary items and accounting changes, over the prior four quarters.

Property taxes - Taxes assessed on real estate. Property taxes are based on valuations by local and or state governments. Failure to pay property taxes results in a tax lien. After a specified period of time, a county government may auction land to satisfy a tax lien.

Pro rata - From the Latin "according to a percentage or rate". In regards to a tenant, a proportionate share of expenses for the maintenance and operation of the property, usually proportioned by the number of units.

Production acres - The area of land that can be used in agriculture or timber operations to produce income. Does not include such areas that are used for crop or machinery storage, outbuildings or other operational support areas.

Punch list - An itemized list drawn up by the owner to document incomplete or unsatisfactory items after the contractor has notified the owner that the tenant space is substantially complete.

Purchase agreement - A written contract between a seller and buyer of real estate, that states the price and terms of the sale.